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Some years ago, the WSJ did a piece on Delta's overall pricing model for airfares. It was run by an economist who claimed Hayek as his inspiration.

Doesn't that provides an incentive for companies to overbook?

Probably not, they don't want to inconvenience their passengers, just give them options.

A good strategy to customer care. And I guess favorable to passenger and company.

Based on the further explanation from the Delta customer service rep. in the comments, it seems like this is more like a rule for queuing rather than a strict bidding procedure. Those with the lowest bids get called first to switch flights rather than the old way of those who are quickest to the counter.

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